Technical payments Clause Samples

Technical payments processing 4.3.1 Non-stressed exit principles The Underwriter will, prior to the service end date, undertake an assessment of the future target operating model of the function. With sufficient time before the service end date, the Underwriter will exercise its right to hire existing Coverholder staff under the TUPE (or equivalent) procedure. If the resource level from staff transferred under TUPE is insufficient, the Underwriter will conduct recruitment activities for FTEs and FTCs, such that the function is fully staffed prior to the end date and no break in activity occurs. The Coverholder will provide reasonable exit assistance to the Underwriter, including facilitation of the transfer of employees, and provision of all data and reporting to facilitate the exit. 4.3.2 Stressed exit contingency plan principles The Underwriter will bring the technical payments processing activity in-house, to be undertaken by the Underwriter’s Treasury function. The Underwriter may exercise its right to hire Coverholder staff to support delivery of the service under the TUPE (or equivalent) regulation. 4.3.3 Resources responsible for implementing the contingency plan The Underwriter CFO, supported by the CIO and Head of Treasury, is responsible for the contingency plan. 4.3.4 Critical data to be handed over to the Underwriter Access to outstanding technical payments processing backlog/mailbox 4.3.5 Alternative systems n/a - Underwriter has dedicated treasury system. 4.3.6 Alternative third-party support Technical payments processing roles are moderately skilled; roles may be replaced by an outsourced Coverholder, FTCs, or FTEs with a readily available skillset.